Kenya’s Finance Minister last week told the Kenyan Parliament that a new electronic registration of businesses would be rolled out in less than three months.
Through a bill named Business Regulation Bill, the Kenyan Government seeks to simplify the long processes and multiple licenses required to set up and operate business in the country, as they had made Kenya less attractive for foreign and even local entrepreneurs.
The efforts to simplify the processes of setting up businesses in the Kenya would make the country more attractive to investors, according to the minister.
In the ‘2011-2012 Doing Business Report’ prepared by the International Finance Corporation and the World Bank, Kenya was indicated as an investment destination and was ranked number 109 in the world.
The Finance Minister further said the major problems with the Kenyan system comprised the many requirements investors are supposed to fulfill to acquire necessary licenses for operations.
The Kenya Revenue Authority (KRA) is slowly taking up automation of most of its services and investors will not be required to fill bulky forms in complying with requirements.
The new system will also get rid of the long processes, and prevent investors from undergoing the circumlocutory practices currently present in the business regulation environment.
